Sections of this topic
As a freelancer, you’ll understand how complex running your business can be. While chasing your clients down for payments, you’ll want to remain on top of your finances. So whether your priority is minimal fees, easy-access digital banking, or reward programs to maximize your profit, here are the best business bank accounts you can open.
>> Simplify Your Freelance Finances With Bluevine >>
Featured Partner
Bluevine Business Checking
Annual Percentage Yield
2.0%
Minimum Deposit Requirement
$0
Maintenance Fee
$0
Best Bank Accounts for Freelancers
- Bluevine – Best Overall
- Axos – Best for Cutting Costs
- Lili – Best for Customer Experience
- Novo – Best for Automated Financial Management
- Found – Best for Financial Management
Methodology Summary
We reviewed each bank account’s fees to determine their affordability, annual percentage yields, and rewards programs that could help freelancers increase their savings.
Features that could assist in business activities, including online banking and other digital tools, were also assessed, as were customer reviews given by existing account holders.
Monthly Fee
$0
- $0 for basic
- $9 for pro
$0
- $0 for basic
- $10 for Small Business Interest Checking
$0
ATM Fees
No fees
- No in-network fees
- $2.50 for out-of-network withdrawals
No in-network fees
$2.50 for out-of-network withdrawals
No ATM fees (Unlimited domestic ATM fee reimbursements)
No fees unless charged by ATM
Incoming transfer fees
$0
$0
$0
$0
2.9% charged by Stripe plus $0.30 processing fee
Transaction Fees
- 0% for regular ACH
- 1.5% for Express ACH
$0
2.9%
$0
$0
Cash Deposit Fees
Depends on price charged by vendor
Varies depending on location ($4.95 maximum)
$4.95
Depends on price charged by vendor ($4.95 maximum)
N/A
APY
N/A
- N/A for basic
- Up to 1.5% for Pro
Up to 2.0%
- N/A for basic
- Up to 1.01% for Small Business Interest Checking
N/A
Online Features
- Virtual card
- Apple Pay & Google Pay
- Automated budgeting
- Invoicing submission and tracking
- Multiple app integrations
- Accounting features
- Tax optimizer
- Invoicing software
- App center
- Expense tracking
- Sub-accounts
- Quickbooks integration
- Quickbooks integration
- Expense tracking
- Financial reporting
- Tax estimates
- Unlimited invoicing
For freelancers, as with any business, maximizing profit is a top priority. With its relatively high APY and minimal fees, Bluevine does just that, making it the best business checking account for you if you’re on the hunt for a bank account that will boost your savings.
Why we chose it:
Bluevine offers up to 2.0% APY; one of the highest interest rates available. What’s more, this bank account charges no monthly fees, incoming transaction fees, nor in-network ATM fees, thereby eliminating extra costs for your business.
- High-yield interest earnings
- Unlimited transactions
- No monthly fees
- No minimum deposit
- No in-network ATM withdrawal fees
- No incoming transaction fees
- 2.9% transaction fees
- $4.95 cash deposit fee
- No international wire transfers
Fees
Bluevine’s checking account comes with zero monthly fees, no incoming transaction fees, and zero in-network ATM fees. What’s more, you don’t require a minimum deposit in order to open an account here.
Bluevine does, however, charge a 2.9% credit card transaction fee as well as a cash deposit fee of $4.95 per deposit. Should you wish to use an ATM that is out of network, you will be charged $2.50 per transaction.
APY And Rewards Programs
Aside from your main source of income, Bluevine also offers you a prime opportunity to grow your savings by offering you a relatively high APY of 2.0% on accounts worth up to $100,000.
It is important to note, however, that you must either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to be eligible for this rate.
Online Features
Bluevine offers access to its digital banking services via its website as well as its mobile banking app.
With features such as expense tracking, and sub-accounts, and integration with Quickbooks accounting software, existing account holders have praised Bluevine’s app for its functionality as well as quick and helpful assistance from customer support. As a result, this app is rated 4.6 stars on the App Store.
Named one of the best business checking accounts by Forbes and Wallethub, Axos’ Basic Business Checking account is ideal for freelancers who are looking to safeguard their earnings. Through its low fees, complementary business services, and mobile banking app, Axos is geared towards freelancers who are looking to run their business in a cost-effective manner.
Why we chose it:
In addition to the $200 welcome bonus that you’ll receive upon sign up, Axos provides access to small business services such as payroll and treasury management along with QuickBooks accounting software integration. Such benefits, along with the account’s low fees, make Axos an ideal freelance bank account if cutting costs is your priority.
- $200 welcome bonus
- Multiple SBA loans
- On-demand small business services
- Unlimited domestic ATM reimbursements
- Free debit card transactions and replacement
- Limited online business management tools
- No APY for checking account
- No payment nor ecommerce app integrations
Fees
Axos is a leader in affordable banking, as its Basic Business Checking account comes with no monthly fee or hidden fees, unlimited ATM fee reimbursements, and free online transfers.
While this account also offers two reimbursed domestic wire fees, additional outgoing wire transfers cost $35 each for domestic transfers and $45 each for international transfers. All incoming wire transfers, however, remain free. A worthwhile perk of this bank is that it doesn’t charge any transaction fees on its debit card or card replacement fees.
APY And Rewards Programs
The Basic Business Checking account does not offer interest, however, account holders do have the option to switch to the Small Business Interest Checking account which offers up to 1.01% APY.
Take note, however, that unlike the basic checking account, Axos’ Small Business Interest Checking account includes a $10 monthly fee for accounts with a balance under $5,000, so the better account for you really depends on your personal financial situation.
Online Features
When compared with other freelance bank accounts, Axos offers a limited range of digital tools to automate or at least ease your financial management. While Axos does provide QuickBooks integration, its website and mobile app do not offer integrations with ecommerce and online payments platforms.
Despite its more traditional, bare-bones layout, the Axos banking app has been lauded by customers for its ease of use as well as its intuitiveness when it comes to features such as automatic bill payments and transfers between accounts. The mobile app also has a useful expense breakdown on its Account Insights page so that you can understand where your costs lie.
Designed with freelancers and small business owners in mind, Lili ranks among the best banks for freelancers due to its online banking features that are tailored to make it easier for you to run your business.
In addition to its customizable invoices, Lili also has a receipt scanner that you can use to upload all of your expenses that don’t appear in the mobile app. Lili’s tax optimizer is built to help you file your taxes with ease, with features including quarterly and yearly expense reports, a write-off tracker, and a pre-filled annual 1040 Schedule C form, ready to be filed.
Why we chose it:
Lili has received a vast volume of positive customer reviews, with plenty of praise being directed at the layout and intuitiveness of its mobile app. With a user-friendly online banking platform such as Lili at your fingertips, you’ll be able to perform crucial freelance activities such as tracking expenses, issuing invoices and preparing taxes with minimal hassle.
- Cashback rewards for Pro Account holders
- Zero overdraft fees for Pro Account holders
- Tax optimizing services
- Expense categorization
- Invoicing software
- Strong customer reviews
- No lending services
- Some benefits only accessible to Pro Account Holders
Fees
While the Lili basic business account has no monthly fee, the Lili Pro Account comes with a fee of $9 per month. No matter your chosen account, you’ll benefit from zero ATM transaction fees if you use an ATM within the MoneyPass network.
However, using an out-of-network ATM incurs a $2.50 fee, and withdrawals from international ATMs incur a $5.00 fee. One major benefit of using this freelancer bank account is that there are no overdraft fees if you sign up for the Pro Account.
APY And Rewards Programs
While a regular checking account doesn’t offer interest, Lili provides an APY of up to 1.5% should you open a savings account. To earn this rate, however, account holders must set up a Pro Account and transfer at least $1 to their savings account daily. If you aren’t prepared to jump through these hoops, Lili would not be your ideal account if your priority is saving.
Lili offers worthwhile rewards through its Lili Business Debit Card. However, this once again requires signing up for a Pro account. Upon receiving this card, account holders benefit from zero card fees and can receive cashback rewards from participating merchants.
Online Features
Suppose your priority is to manage your income and expenses while simplifying administrative duties such as submitting invoices and accounting. In that case, Lili offers a comprehensive solution via its desktop platform and mobile app.
Lili’s accounting features include expense categorization, which will help you organize and track your costs, and a receipt scanner to upload expenses you didn’t incur through your Lili account. Lili can also be integrated with numerous payment and e-commerce platforms, including Paypal, Shopify, and Etsy, so your income can all be combined in one place.
Lili’s tax optimizer makes paying your taxes easier with its write-off tracker, expense reports, and prefilled Schedule C. At the same time, it also provides invoicing software so that you can perform all of your freelance financial activities on one integrated platform.
In addition to offering an affordable fee structure, Novo’s multiple app integrations, automated budgeting, and invoicing platform enable you to run your business’s finances from a single platform. Add its multiple rewards into the mix, and Novo offers one of the most well-rounded freelance bank accounts that provides benefits across the board.
Why we chose it: By enabling account holders to integrate many online payment and e-commerce apps while also automating their budgeting and payments through its Reserves feature, this business bank account streamlines their financial management activities while minimizing manual labor on your part. Due to its built-in invoicing software, you can manage all your business finances without seeking external software.
- Automate fund allocation with Reserves
- Unlimited free check deposits
- Unlimited free ACH transfers
- No debit card transaction fees
- Virtual debit card
- Built-in invoicing
- Up to $4,000 in perks
- No APY
Fees
Novo charges no monthly or ATM withdrawal fees. However, ATM withdrawals are limited to $1,000 daily.
While Novo offers unlimited free standard ACH transfers, express ACH transfers cost 1.5% of the transaction amount. Depending on your ATM policy, you may be charged for cash deposits; however, check deposits via the Novo mobile app are always free of charge.
Another noteworthy perk is that, unlike many competitors, Novo’s debit card doesn’t charge any transaction fees for domestic and international purchases.
APY And Rewards Programs
Although Novo doesn’t offer interest to account holders, its wide range of rewards makes it an ideal bank account for freelancers looking to maximize their savings.
This bank account’s business perks include $5,000 in fee-free processing when clients pay you via Stripe, $500 in credits when you spend $500 to advertise your business using Google Ads, and six months free on any customer service software offered by Zendesk Suite.
Online Features
By integrating with various payment and e-commerce apps, Novo’s online banking platform directs your cash flow to one place. With Novo Reserves, you can automatically allocate incoming funds into different reserves while setting automatic payments so that your expenses are paid for without any human interaction.
Novo’s invoicing feature enables you to submit and track invoices while setting up Stripe payments so that your clients can pay you as soon as they receive the invoice. If you prefer to go cashless or cardless, you can make payments using your virtual debit card on Novo’s mobile banking app, which is compatible with Apple Pay and Google Pay.
Offering what it calls “the card for the self-employed”, Found provides an all-in-one banking solution for freelancers, enabling them to submit invoices, prepare their taxes, and perform regular banking activities all from one convenient banking app.
Why we chose it:
Financial management activities such as tracking income and expenses, invoicing, and paying taxes are time-consuming tasks. By having an integrated freelance business account that offers support for these activities, you can spend less time on administrative tasks and focus more on the work that generates your income.
- Automated tax estimates
- Tax write-off tracking
- Financial reporting
- Invoicing software
- Automatically-generated financial reports
- 1.75% fee for transfers to external debit cards
- 2.9% fee + 30 cents processing fee for invoices
- No cash or check deposits
- No APY
Fees
With zero monthly fees, ACH transfer fees, and no ATM fees except for those charged by the ATMs themselves, Found offers relatively affordable banking for freelancers.
The main fees that account holders need to watch out for are a 1.75% fee for instant transfers to external debit cards and invoicing fees, which are a 2.9% fee from Stripe on top of a 30-cent processing fee.
APY And Rewards Programs
Although Found doesn’t offer an interest-earning account, this bank minimizes this shortfall by eliminating common fees such as ACH transfer fees. Found also offers unlimited transactions and a quick sign-up process, with no credit checks or minimum amounts required to open an account. Find out how to open a business bank account with EIN only.
Online Features
Found prides itself on providing all-in-one banking for freelancers and small businesses. Its main selling point is the integrated financial management tools offered via its website and mobile app.
Found’s bookkeeping platform offers automatic expense tracking, up-to-date financial reporting, and seamless integration with its invoicing system. You can constantly track your expenses and income without additional manual labor.
The banking app also enables you to view your tax estimate and financial reports and pay your taxes directly from the app. Moreover, its invoicing system enables you to issue unlimited invoices while receiving payment from multiple payment apps directly to your account.
Methodology for the Best Bank Accounts for Freelancers
- Fees: As a freelancer, the success of your business is a priority. While earning a good salary is important, your financial success depends on limiting your costs. To prevent you from incurring unnecessary costs, we looked at the banks with the lowest ATM, monthly, and transaction fees.
- APY and Rewards Programs: While freelance work may be your main source of income, having a passive source of income can increase your savings. We identified bank accounts that can provide you with interest or offer rewards that will help you save money or reduce costs.
- Online Features: In addition to running your business day to day, being a freelancer means submitting your own invoices, filing taxes, and constantly managing your business’s finances. For this reason, we searched for bank accounts with digital banking tools to optimize and automate your business’s financial management.
>> Manage Your Freelance Finances With Bluevine >>
Freelancers Checking Account FAQs
>> Maximize Your Savings With Bluevine >>
Bottom Line
While freelancers may view profitability as a priority, the main advantages you seek from your business bank account may differ from other freelancers.
Bluevine offers a relatively high APY for freelancers looking to earn some interest. Axos is a low-cost option that eliminates unnecessary banking fees. If a rich selection of financial and budgeting tools is what you’re looking for, then Found and Lili may be options worth considering. Novo emerged as the bank with benefits covering the most bases, making it number one in our list of best freelancer bank accounts.
>> Simplify Your Freelance Finances With Bluevine >>
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.
